Navitas Semiconductor (NASDAQ:NVTS) Shares Gap Up – Here’s Why

by · The Cerbat Gem

Navitas Semiconductor Co. (NASDAQ:NVTS – Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $5.52, but opened at $5.82. Navitas Semiconductor shares last traded at $5.89, with a volume of 19,729,269 shares traded.

Analyst Ratings Changes

NVTS has been the topic of a number of research analyst reports. Robert W. Baird decreased their price target on Navitas Semiconductor from $5.00 to $4.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 5th. Needham & Company LLC reduced their price objective on Navitas Semiconductor from $4.00 to $3.00 and set a “buy” rating on the stock in a report on Tuesday, May 6th. Rosenblatt Securities increased their price target on Navitas Semiconductor from $4.00 to $6.00 and gave the company a “buy” rating in a research note on Thursday, May 22nd. Finally, Morgan Stanley downgraded Navitas Semiconductor from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $2.10 to $1.50 in a research note on Monday, April 7th. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $3.79.

Get Our Latest Analysis on NVTS

Navitas Semiconductor Trading Up 14.1%

The stock has a 50 day moving average price of $2.63 and a two-hundred day moving average price of $2.88. The company has a market cap of $1.30 billion, a price-to-earnings ratio of -16.14 and a beta of 2.24.

Navitas Semiconductor (NASDAQ:NVTS – Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported ($0.06) EPS for the quarter, hitting the consensus estimate of ($0.06). The business had revenue of $14.02 million for the quarter, compared to the consensus estimate of $14.01 million. Navitas Semiconductor had a negative return on equity of 23.64% and a negative net margin of 84.61%. The firm’s revenue was down 39.7% compared to the same quarter last year. During the same quarter last year, the business posted ($0.06) EPS. On average, equities analysts forecast that Navitas Semiconductor Co. will post -0.51 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Sicpower, Llc sold 8,500 shares of the firm’s stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $6.53, for a total transaction of $55,505.00. Following the sale, the insider now owns 24,874,661 shares of the company’s stock, valued at approximately $162,431,536.33. This trade represents a 0.03% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director David Moxam sold 75,000 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $2.08, for a total value of $156,000.00. Following the transaction, the director now owns 792,848 shares of the company’s stock, valued at approximately $1,649,123.84. This trade represents a 8.64% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 4,478,587 shares of company stock valued at $22,447,680. 31.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Navitas Semiconductor

Large investors have recently added to or reduced their stakes in the company. Goodman Financial Corp bought a new position in Navitas Semiconductor during the 4th quarter worth about $36,000. Caption Management LLC bought a new position in Navitas Semiconductor during the 4th quarter worth about $36,000. Tower Research Capital LLC TRC grew its holdings in shares of Navitas Semiconductor by 125.4% in the 4th quarter. Tower Research Capital LLC TRC now owns 10,294 shares of the company’s stock valued at $37,000 after acquiring an additional 5,726 shares in the last quarter. Steel Grove Capital Advisors LLC bought a new position in shares of Navitas Semiconductor in the 4th quarter valued at about $39,000. Finally, Cibc World Markets Corp bought a new position in shares of Navitas Semiconductor in the 4th quarter valued at about $42,000. Institutional investors own 46.14% of the company’s stock.

About Navitas Semiconductor

(Get Free Report)

Navitas Semiconductor Corporation designs, develops, and markets gallium nitride power integrated circuits, silicon carbide, associated high-speed silicon system controllers, and digital isolators used in power conversion and charging. The company’s products are used in mobile, consumer, data center, solar, electric vehicle, industrial motor drive, smart grid, and transportation applications.

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